Super Abrasives Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

The global super abrasives market is projected to grow by US$ 9,767.4 Mn by 2027, with an estimated compound annual growth rate of 6.5%. The market for super abrasives was estimated at US$ 6,694.5 Mn in 2021. Super abrasive qualities such as exceptional hardness, endurance, and unrivaled performance provide a high-quality finish on hard materials. Super abrasives are tools that are used in the form of cutoff wheels, grinding wheels, and honing stones in various industries such as aerospace, medical, automotive, and electronics. Products including super abrasive diamond and cubic boron nitride (CBN) are frequently used in the aerospace sector and other industrial applications. These are employed in the machining of iron, nickel, and cobalt-based superalloys, where precision is critical in the machining operations. The market is growing because of increasing interest in metal-cutting gear from various industries like aviation, military, construction, and electronics. Moreover, the increasing application of abrasives for construction activities is the current trend in the super abrasives market. Construction is supposed to be the main application for the super abrasives industry due to the rapid growth of urbanization and improved living. The volume of construction output is anticipated to grow by 85% by 2030, with the United States, China, and India contributing the most, as per the Institution of Civil Engineers.

MARKET DYNAMICS

Prominent factors that are affecting the super abrasives market during the forecast period include:

Drivers

Conventional abrasives substituted by super abrasives

Silicon carbide, corundum, aluminum oxide, and other conventional abrasives are used in grinding and cutting instruments. Conventional abrasives are commonly natural grains that are combined or mixed with other abrasives grains in order to make the crushing wheel perform. In comparison with super abrasives, conventional abrasives require more intensive labor operations and high fixturing costs. Manufacturers prefer using super abrasives over other conventional abrasives as these are less expensive and need lesser space for their functioning. Super abrasives provide stress-free grinding to manufacturers as they stay sharp for a longer period because of the durability of the grain and also require less grinding energy and process stress. 

Use of diamond in grinding wheels for precision and machining tools

The rising construction activities and growth in the automobile industry are driving the demand for accuracy and machining tools. Super abrasives are used in the manufacturing of car parts, for example, steering mechanisms, infusion frameworks, and gear shafts to give a smooth finishing to parts. Moreover, diamond wheels are crushing wheels with modern precious stones attached to the outskirts which are used for crushing extremely hard materials, for example, carbide cutting tips, cemented carbide, and gemstones. Diamond grinding wheels have some unique characteristics such as durability, and precise and high-quality finish which makes them ideal among professional jewelry designers.

Restraints 

High-performance application and high initial cost

Aluminum oxide, cubic boron nitride, ceramics, and synthetic diamond are some of the most popular raw material substances which belong to the super abrasive family. Most of the unrefined components are from renewable resources like oil and petroleum.  The depletion of these resources has negatively impacted the raw material supply, thus restricting the market growth. Moreover, growing concern about environmental protection has prompted the government authority to make a move and force severe restrictions on its usage. Also, small and medium-sized businesses find it challenging to compete with global market leaders because of the rising complexity of super abrasive technology in high-performance applications and its high prices. 

Market Segmentation

Product Analysis

Among different types of products, the diamond segment is anticipated to have the largest share in the overall market during the forecast period. The diamond segment ruled the market with around 68.4% share, with a market estimated at around US$ 4,582.0 million in 2021, due to the increasing demand for cutting and grinding tools. Manufacturers of super abrasives have started to favor synthetic diamonds over natural diamonds because of their higher proficiency and durability. Moreover, within Cubic Boron Nitride (CBN) segment, vitrified CBN holds the highest share of 35.1% in 2021 as they lower the grinding forces, which makes them a more durable and precise grinding tool. 

Application Analysis

In terms of application, the powertrain segment dominated the super abrasives market with around 30.1% share in 2021. Moreover, the tool grinding segment is expected to register a 7.2% CAGR during the forecast period. The increased demand for grinding tools is mainly from the automotive industry, which uses grinding tools for polishing powertrains and improving the surface finish in order to give that glossy look. By using grinding tools, manufacturers of various industries such as automotive, aviation, and medical among others can get accurate surface finish with less pressure application on work. Moreover, the bearing segment holds the second largest market share after the powertrain segment in 2021, valued at US$ 1,486.1 million. 

Industry Analysis

On the basis of industry, the electricals & electronics segment dominated the global super abrasives market in 2021 with around 26.1% of the market share. The market is valued at around US$ 1,753.9 million in 2021, registering a CAGR of 6.7% over the forecast period. Super abrasives provide more precision grinding technology to electrical & electronics manufacturers owing to their ability to process semiconductor materials, aluminum, copper alloys, and resin among others. Furthermore, the medical devices segment is projected to grow at the highest CAGR of 7.7% during the forecast period. In order to produce and deliver parts like knee and hip joints, prosthetics, and clinical instruments, these super advanced abrasives are used in different forms. 

Regional Analysis:

By region, Asia Pacific is the most dominating region in the super abrasives market followed by North America in 2021, accounting for more than 45% of the total market share. The growth is mainly due to increasing demand for consumer electronics like smartphones, laptops, and television among others in countries such as India, China, and Japan. Moreover, South America is expected to be growing at the highest compound annual growth of about 7.9% over the projected period. The rise in construction and infrastructure development due to increasing partnership agreements between the private and public sectors in the region fueled the market growth. 

Competitive Insight

The global super abrasive market is highly competitive in order to increase its presence in the marketplace. Some of the key players operating in the market are Carborundum Universal Ltd., 3M, Element Six (UK) Limited, SHOWA DENKO K.K., Diametal AG, Noritake, Action SuperAbrasive, Husqvarna AB, Saint-Gobain S.A., Asahi Diamond Industrial Co. Ltd, ILJIN DIAMOND CO., LTD, Finzler, Schrock & Kimmel GmbH, Hyperion Materials & Technologies and Henan Huanghe Whirlwind Co., Ltd., among others.

Company Profile

• 3M works as a diversified innovation organization, manufacturing more than 55,000 items, including dental and orthodontic products, adhesives, abrasives, electronic materials, detached fire security, electronic materials, medical products, vehicle care items, and optical films. The company works in the health care, security and protection, industrial and transportation, display and graphics, and electro and communications businesses. Its industrial and transportation business serve a wide range of business sectors, like food and drink, paper and packaging, appliances, and automotive aftermarket.
• Finzler, Schrock and Kimmel GmbH (FIS) operate in Bad Ems, a town in Germany. It produces diamond and CBN crushing tools with galvanic bonding. These grinding tools are utilized as crushing wheels, mounted focuses, and cutting wheels in the industry as well as in dental medication and innovation.
• Husqvarna Group produces outdoor power items, including garden tractors, trimming tools, and robotic lawn mowers. The group is likewise a European producer of garden watering items and a world producer of cutting gear and diamond tools for the stone and construction industries. The company’s diamond tools product can be used for various purposes such as floor sawing, handheld cutting, angle grinders, drilling, and wire and wall sawing.

Segmentation Overview 

The global super abrasives market is segmented based on product, application, industry, and region. 

By product segment the market is segmented into:

• Cubic boron nitride (CBN)
  • Vitrified CBN
  • Electroplated CBN
  • Resin Bond CBN
  • Metal CBN
• Diamond
  • Vitrified Diamond
  • Electroplated Diamond
  • Resin Bond Diamond
  • Metal Diamond

By application segment the market is segmented into:

• Powertrain
• Bearing
• Gear
• Tool Grinding
• Turbine
• Other Applications

By industry segment the market is segmented into:

• Construction
• Energy (O&G, Mining)
• Automotive
• Electricals & Electronics
• Medical Devices
• Aerospace
• Metal Fabrication
• Others

By region segment the market is segmented into:

• North America 
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific 
  • China
  • Japan
  • India
  • Australia & New Zealand
  • Korea
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America